The committee will be headed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Dubai Land Department and semi-government development companies including Investment Corporation of Dubai, Wasl Properties, Dubai Properties, Emaar, Meraas and Nshama, Nakheel, Meydan, Dubai Silicon Oasis Authority, Dubai South and Dubai Multi Commodities Center.
The committee aims to maintain stability and balance between supply and demand in the real estate market, this is to enhance the competitiveness of the real estate sector as a whole and highlight its attractiveness as a key driving force to Dubai’s economy.
It will work to consider the needs of the real estate market in a comprehensive manner, to ensure that real estate projects are not duplicated, and to avoid competition among big developers to small private investors. The committee will also work to ensure the uniqueness and excellence of new mega projects to generate a positive return on the macroeconomic of the emirate. The Chairman of the Committee shall have the right to add to or cancel membership of the committee as required.
It will also assess the current situation of the real estate sector at all levels in Dubai, study the needs of the market, evaluate all future real estate projects, develop an integrated plan for the real estate sector to regulate and control the pace of work on projects, and achieve a balance between supply and demand. It will also hint real estate developers to develop new and innovative projects focusing on quality rather than quantity and will achieve the economic objectives of the emirate within a comprehensive framework that supports various vital economic sectors within an integrated development vision.
The announcement was made on Twitter by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.